I have buyers, who are constantly asking me about their credit scores, and what is needed for them to purchase a home. Well, our friend, Gene Mundt from Chicago, who is also an expert Mortgage and Financial Consultant has written a post about credit scores that have the answers to many of those questions that I get from time to time. You might even want to take the credit score quiz at the end to see where you are, so you can start now to polishing up your credit scores.
Taking the Mystery Out of Credit Scores
Were you recently denied approval on a loan application? Do you suffer from lower Credit Scores? Did you receive an Interest Rate higher than someone else with higher Credit Scores?
If so, there's a chance one of the following issues was the reason. They're some of the most commonly seen issues affecting Credit Scores or preventing loan approvals:
- Missed Payment(s) on a Mortgage, Installment Loan, or Credit Card(s)
- Major Events - A Bankruptcy filed in the last 2 years, Foreclosure, Short Sale, or Deed-in-Lieu of Foreclosure
- Outstanding Judgments, Tax Liens, or Collections (Not Paid, or Not Satisfied)
- Multiple late payments on accounts, multiple number of disputed accounts, multiple number of recently opened accounts, multiple number of accounts with higher balances related to the Credit Limit.
I'm providing this list to help erase some of the "mystery"surrounding Credit Scores and to illustrate what factors DO impact your Credit Scores. Resources and info concerning Credit Scoring are readily available for consumers. Increasing your knowledge will better enable and empower you regarding your finances and Credit.
To test the extent of your knowledge, take the Credit Score Quiz found at:
You'll learn commonly-used terminology and discover the key to improving and maintaining your Credit Score. You'll also educate yourself on the "Do's and Don'ts" of Credit and the realities of Credit Scoring.
Other resources that can aid in your Credit education and understanding are:
- annualcreditreport.com - (Authorized by Federal Law.) This website is a source of FREE Credit Reports. (Or call: 1-877-322-8228)
- ReasonCode.org - "Reason Codes" are provided within each Credit Report you buy. Plug-in the code that corresponds with your VantageScore Credit Scores (the Scores utilized by many banks, lenders, and Credit Card companies) to better understand your Credit and Credit habits.
But a very easy-to-remember Credit tip is:
The simplest way to quickly improve a Credit Score is to pay down Credit Card balances to an amount 30% or less than the High Credit Limit.
Taking the Mystery Out of Credit Scores ... NOW is the perfect time to take the Credit Score Quiz and to get started on polishing, improving, or rebuilding your credit!
* Hoping to Buy, Build, or Refinance a home in New Lenox, another Lincoln-Way Community, Will County, or elsewhere in Chicagoland? Contact Me. We'll go over your Credit and finances together, then I'll put my 36 years of Mortgage expertise and experience hard to work on your behalf.
I can be easily found at:Direct: 815.524.2280Cell or Text: 708.921.6331eFax: 815.524.2281
Click HERE for a FREE Mortgage Consultation!
Ready to Apply for your Mortgage?Gene Mundt, Mortgage Lender, a Lender with 36 years of mortgage experience, will offer you exemplary mortgage service and advice when seeking: Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including: The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL.
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Gene Mundt, Mortgage Lender, a Lender with 36 years of mortgage experience, will offer you exemplary mortgage service and advice when seeking: Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including: The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL. Gene Mundt, Mortgage Lender can be contacted at: 815.524.2280 or via his email: firstname.lastname@example.org.
Contact Gene Mundt, Mortgage Lender soon!